Why have the government decided to distort the tax system by making pensions capable of being used as a device to avoid inheritance tax? The casual approach of the Treasury to pension strategy, with sudden announcements of ill-considered changes, shows a lack of coherent thinking behind the changes in the pension system. This has led to a lot of post-facto explanation and justification to try to cover up the lack of thought prior to the announcement.

As the Chancellor sits in his study in No. 11 and ponders the fate of the higher rate tax relief on pension contributions, you have to be a bit sympathetic to his dilemma. Overall his basic political philosophy would push him to encourage people to save for their own retirement […]

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